30K pre-orders in 14 days: Corbett creates a boom in tier 2, 3 markets

Ties up with TVS Group's Ki Mobility Solutions for after-market service

At a time when Ola is stealing the show in the electric two-wheeler space, Tamil Nadu-based Boom Motors is creating waves in tier 2 and 3 markets by getting 30,000 pre-orders worth Rs 330 crore within a fortnight since bookings started for its bike brand Corbett.

The company has tied up with TVS Group’s Ki Mobility Solutions for its after-market service. It has also signed a memorandum of understanding with the Government of Tamil Nadu this week to set up a new production unit in Coimbatore.

It was on November 12 that the company started bookings for Boom Corbett — it can hit a top-speed of 75 kilometre per hour with the two-battery option and support 200-kilo loading. The company is set to start its first delivery this week for some business-to-business customers.

“We have so far received 30,000 pre-orders that may bring in Rs 330 crore revenue for the company. More than 60 per cent of these orders are from tier 2 and 3 cities like Coimbatore, Kanchipuram, Chittoor, Ernakulam, Mysuru, and Visakhapatnam,” said Anirudh Narayanan, chief executive officer, Boom Motors.

The tie-up with Ki Mobility Solutions, a part of TVS Automobile Solutions, will ensure customers get access to a wide service network across 250-plus towns for service, insurance, roadside assistance, charging stations, and spare parts availability.

Ki Mobility Solutions, through myTVS, is already associated with 2,500 garages across the country. It is India’s first full-stack online-to-offline digital platform that operates the myTVS brand.

It has started training 500 technicians across the country to service electric vehicles. TVS Automobile Solutions had created its new subsidiary Ki Mobility Solutions in November 2020. Later, the new entity raised Rs 85 crore from investors such as Pratithi Investment Trust (represented by its trustee and Infosys co-founder Kris Gopalakrishnan) and SeaLink Capital Partners.

Boom’s target is to ramp up production to 100,000 units a year once the new production unit is in place. “From next month onwards, we will be producing 1,000 vehicles and will ramp up our existing factory to 9,000 units by April 2022. We expect to deliver the 30,000 pre-orders by then,” added Narayanan.

The company will commence retail deliveries from January 2022. The online bookings are available upon a deposit of Rs 499, through which consumers will get an introductory discount of Rs 3,000.

Boom is expecting a turnover of Rs 1,000 crore by 2023 and is in talks to enlist strategic partners.  The company has 60 outlets spread across 50 districts. “We are coming up with two more vehicles within the next six months.  We are scouting for a strategic partner who has expertise in the supply chain,” he added.